One potential source of funding that is sometimes overlooked by nonprofits is corporate giving. Many businesses are led by individuals that share the same values and concerns as your nonprofit, and, they are looking for ways to make a difference in the community. The following strategies will help you identify prospective companies for your NFP’s fundraising campaigns.

Research Potential Corporate Donors

Before you create your presentation, you first need a list of prospective businesses that you can reach out to and ask for help. Your local chamber of commerce is an excellent place to start. Other sources to tap for potential candidates include your NFP’s current vendors, suppliers and other business contacts that you already have a relationship with. Reach out to your board members and ask them about their connections with their current or former employers.

Focus on Building Relationships

Just as you would focus on building your relationship with a major donor before approaching them about a donation, take the time to develop your relationship with business owners and leaders before you ask for a contribution. Reach out to any contacts that you and your prospect already share and ask for an introduction.

Visit individual businesses to learn more about their products and services and what they would like to accomplish with their gift or other contribution. Create a business advisory panel to advise your nonprofit and ask local leaders to get involved. Host an open house and invite area businesses to attend to learn more about your cause and how they can work with you to create a positive difference in your community. Once you’ve been introduced, follow up by sending businesses owners information about your nonprofit and its work. Explain what’s in it for them in terms of PR and publicity when they take an active role in supporting your NFP and its work.

Understand Your Purpose and Define Your Impact

Most business owners will want to know exactly what types of activities their donation will fund, and how these activities will make a difference in the community before they will agree to donate or offer other forms of support. Before you approach your prospects, make sure that you have a thorough understanding of what it is that your nonprofit is trying to accomplish and how much money you will need to achieve your objectives.

Let Your Prospects Know About Additional Ways They Can Contribute

Monetary donations from businesses give NFPs increased flexibility, but many corporate donors want to partner with the organisations that they support financially to help see the project through to a successful conclusion. Before you present your proposal, come up with a list of ways that your prospects can further contribute to and support your mission. For example, in addition to giving cash, some businesses might donate advertising for specific fundraising events, provide the venue or even cover catering. Make sure to personalise your list for each prospect, highlighting the unique ways that they can participate in addition to making financial contributions.

Don’t Forget to Follow Up and Express Your Gratitude

Once you’ve been successful in earning a contribution from a corporate sponsor, don’t neglect your relationship. Reach out to your sponsors on a regular basis to keep them updated on the good work that you’ve been able to accomplish with their help. In addition to thanking your sponsors with a formal letter, look for ways to personalise your expression of gratitude, such as visiting them in person, or inviting them to a special luncheon or banquet to celebrate your partnership and the work that you are accomplishing together!